India: NMDC pig iron auction witnesses healthy buying despite monsoon headwinds

• Tight raw material availability supported firm buying interest and aggressive bidding at the NMDC auction.
• Limited pig iron availability continued to underpin market sentiment despite the ongoing monsoon.

NMDC’s Nagarnar Steel Plant auctioned 4,000 t of steel-grade pig iron on 30 July 2026, with the entire quantity sold at an average price of INR 37,350/t ex-works, up INR 50/t from its previous auction held on 22 July, despite offering lower volumes. The auction reflected resilient buying interest, as tight raw material availability encouraged buyers to secure material through competitive bidding, resulting in complete allocation. In contrast, the recent SAIL-RSP auction highlighted the prevailing weakness in downstream demand. Despite limited availability and a healthy number of participants, bidding remained conservative, with buyers reluctant to chase higher prices amid sluggish steel consumption. This divergence suggests that while supply-side constraints continue to lend support to select auctions, demand-side weakness is preventing a broader recovery in pig iron prices.